"A new group is advertising a "March for Billionaires" in San Francisco on Saturday - either a Swiftian attempt to parrot Silicon Valley executives who are raging against a planned California billionaire tax, or an earnest try to ward it off. "Vilifying billionaires is popular. Losing them is expensive," reads the group's website, which is scant and gives no indication of who is behind the effort. Organizers did not respond to emailed questions. The site links to BlueSky and Twitter accounts - the latter is @ProBillionaires - and records show the website was created on Jan. 29."
"Its language mimics tech executives who have been fighting the "Billionaire Tax Act," which is being put forth by Service Employees International Union-United Healthcare Workers West and would institute a one-time wealth tax on those with a net worth over $1 billion. The measure has yet to qualify for the ballot but, if successful, would tax billionaire residents 5 percent of their wealth. SEIU-UHW says the tax would stave off about $100 billion in "cuts to federal healthcare funding" and affect roughly 200 billionaires."
"Gov. Gavin Newsom opposes it. The state office that analyzes legislation wrote that the tax would likely add "tens of billions of dollars" to the California budget, but could result in ongoing tax losses of "hundreds of millions of dollars or more per year" if billionaires flee the state. Silicon Valley is rising up against it. President Donald Trump's crypto czar David Sacks called the measure an "asset seizure" and has reportedly left for Texas. Y Combinator CEO Garry Tan said the tax would "wholesale destroy business creation" in the state."
A new group is organizing a "March for Billionaires" in San Francisco and operating a scant website created on Jan. 29 that links to BlueSky and Twitter @ProBillionaires without identifying organizers. The group's messaging mirrors tech executives opposing the proposed "Billionaire Tax Act," a one-time 5% wealth tax on residents with net worth over $1 billion proposed by SEIU-UHW to avert roughly $100 billion in cuts to federal healthcare funding and to affect about 200 billionaires. The measure has support from Sen. Bernie Sanders, Rep. Ro Khanna and Teamsters California, while Gov. Gavin Newsom opposes it. State analysts warn of short-term budget gains but potential ongoing revenue losses if wealthy residents depart, and several Silicon Valley figures have condemned the proposal.
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